Does a liability of foreignness in liquidity apply to US IPOs?

IF 2 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Business Research Pub Date : 2023-01-04 DOI:10.1080/00014788.2022.2150595

Chiara Banti, Gary C. Biddle, Jonathan Jona

引用次数: 0

Abstract

We provide evidence regarding two unanswered and consequential questions regarding share trading liquidity, a primary motive for US listings, for the prominent listing cohort of foreign-firm US initial public offerings (FIPOs). First, we test whether FIPOs exhibit a ‘liability of foreignness (Bell et al. 2012) in liquidity’ (LFL) compared with matched domestic-firm IPOs (DIPOs), despite listing requirements that are more stringent than for the mature cross-listed foreign firms studied previously. Second, we test whether US IPO LFL is moderated by FIPO home country institutional attributes that promote liquidity. Our findings for 327 FIPOs from 36 countries between 1990 and 2012 reveal that US IPO LFL is moderated, but not eliminated, by FIPO home country attributes, thus indicating incomplete bonding with US institutions. These findings extend prior research and serve to inform foreign firms considering US IPOs, exchanges competing for them, listing facilitators, regulators, and investors regarding a salient listing consideration.

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流动性中的外国负债是否适用于美国ipo ?

我们为外国公司美国首次公开募股(FIPOs)的突出上市队列提供了关于股票交易流动性(美国上市的主要动机)的两个未回答和重要问题的证据。首先，我们测试了FIPOs与匹配的国内公司ipo (DIPOs)相比，是否表现出“流动性方面的外国负债(Bell et al. 2012)”(LFL)，尽管上市要求比之前研究的成熟的交叉上市的外国公司更严格。其次，我们检验了美国IPO LFL是否受到促进流动性的FIPO母国制度属性的调节。我们对1990年至2012年间来自36个国家的327家FIPO的研究结果表明，美国IPO的LFL受到FIPO母国属性的调节，但并未消除，因此表明与美国机构的联系不完全。这些发现扩展了先前的研究，并为考虑美国ipo的外国公司、竞争它们的交易所、上市促进者、监管机构和投资者提供了重要的上市考虑因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting and Business Research BUSINESS, FINANCE-

CiteScore

3.40

自引率

11.80%

发文量

期刊介绍： Accounting and Business Research publishes papers containing a substantial and original contribution to knowledge. Papers may cover any area of accounting, broadly defined and including corporate governance, auditing and taxation. However the focus must be accounting, rather than (corporate) finance or general management. Authors may take a theoretical or an empirical approach, using either quantitative or qualitative methods. They may aim to contribute to developing and understanding the role of accounting in business. Papers should be rigorous but also written in a way that makes them intelligible to a wide range of academics and, where appropriate, practitioners.